Novus Insights Limited
Filleted accounts
31 March 2024
Company registration number:
14648216
Novus Insights Limited
Directors and other information
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Directors |
Sandeep Kumar |
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Anurag Magoo |
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Kanishk Sheel |
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Suzana Mitrovic |
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Company number |
14648216 |
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Registered office |
The Old Dairy |
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12 Stephen Road |
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Headington |
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Oxford |
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OX3 9AY |
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Accountants |
Cox Hinkins & Co. Limited |
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Accountants and Taxation Advisors |
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The Old Dairy |
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12 Stephen Road |
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Headington |
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Oxford |
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OX3 9AY |
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Novus Insights Limited
Balance sheet
31st March 2024
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31/03/24 |
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Note |
£ |
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£ |
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Current assets |
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Debtors |
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5 |
43,222 |
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Cash at bank and in hand |
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8,533 |
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_______ |
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51,755 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
55,645) |
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_______ |
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Net current liabilities |
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3,890) |
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_______ |
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Net liabilities |
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(
3,890) |
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_______ |
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Capital and reserves |
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Called up share capital |
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7 |
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150 |
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Profit and loss account |
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(
4,040) |
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_______ |
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Shareholders deficit |
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(
3,890) |
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_______ |
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For the period 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:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
07 November 2024
, and are signed on behalf of the board by:
Sandeep Kumar
Director
Company registration number:
14648216
Novus Insights Limited
Notes to the financial statements
Period ended 31st March 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. The company incorporated on 8th February 2023 and commenced trading shortly thereafter. The principal activity of the company during the period was the provision of information technology consultancy services.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At 31st March 2024 the company had a deficiency of assets amounting to £3,890 after taking into consideration loans from a connected compay of £50,000. The company is reliant upon the financial support of the directors and connected parties who have indicated that this will be continued for a further twelve months from the date of approval of these accounts. In light of this contiued support, the financial statements have been prepared on the going conern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for Consulting and services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
5.
Debtors
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31/03/24 |
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£ |
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Trade debtors |
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43,222 |
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_______ |
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6.
Creditors: amounts falling due within one year
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31/03/24 |
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£ |
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Social security and other taxes |
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4,181 |
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Other creditors |
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51,464 |
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_______ |
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55,645 |
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_______ |
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7.
Called up share capital
Issued, called up and fully paid
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31/03/24 |
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No |
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£ |
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Ordinary shares of £
1.00 each |
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150 |
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150 |
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_______ |
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Share movements
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No |
£ |
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Ordinary : |
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At 8th February 2023 |
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- |
- |
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Issue of shares |
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150 |
150 |
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_______ |
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At 31st March 2024 |
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150 |
150 |
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_______ |
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