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Company Registration No. 12578957 (England and Wales)
Novax Recruitment Ltd Unaudited accounts for the year ended 31 July 2024
Novax Recruitment Ltd Unaudited accounts Contents
Page
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Novax Recruitment Ltd Company Information for the year ended 31 July 2024
Directors
Timothy Dracup Dale Roberts
Secretary
Mark Bateson
Company Number
12578957 (England and Wales)
Registered Office
1ST FLOOR, MARSHALL HOUSE RING WAY PRESTON PR1 2QD ENGLAND
Accountants
Walling Accountants Unit 1B Hallidays Farm Bilsborrow Preston PR3 0RU
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Novax Recruitment Ltd Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
12,927 
11,718 
Current assets
Debtors
625,500 
658,704 
Cash at bank and in hand
95,035 
44,904 
720,535 
703,608 
Creditors: amounts falling due within one year
(661,555)
(617,789)
Net current assets
58,980 
85,819 
Total assets less current liabilities
71,907 
97,537 
Provisions for liabilities
Deferred tax
(2,456)
(2,227)
Net assets
69,451 
95,310 
Capital and reserves
Called up share capital
86 
100 
Capital redemption reserve
(29,986)
- 
Profit and loss account
99,351 
95,210 
Shareholders' funds
69,451 
95,310 
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by
Timothy Dracup Director Company Registration No. 12578957
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Novax Recruitment Ltd Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Novax Recruitment Ltd is a private company, limited by shares, registered in England and Wales, registration number 12578957. The registered office is 1ST FLOOR, MARSHALL HOUSE, RING WAY, PRESTON, PR1 2QD, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
Computer equipment
33% on cost
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Novax Recruitment Ltd Notes to the Accounts for the year ended 31 July 2024
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2023
6,206 
12,049 
18,255 
Additions
4,180 
3,156 
7,336 
At 31 July 2024
10,386 
15,205 
25,591 
Depreciation
At 1 August 2023
2,484 
4,053 
6,537 
Charge for the year
1,329 
4,798 
6,127 
At 31 July 2024
3,813 
8,851 
12,664 
Net book value
At 31 July 2024
6,573 
6,354 
12,927 
At 31 July 2023
3,722 
7,996 
11,718 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
606,965 
635,310 
Accrued income and prepayments
12,310 
17,169 
Other debtors
6,225 
6,225 
625,500 
658,704 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
461,708 
445,019 
VAT
25,817 
70,196 
Trade creditors
68,385 
9,894 
Taxes and social security
87,342 
72,396 
Other creditors
6,384 
3,296 
Loans from directors
- 
9,500 
Accruals
11,919 
7,488 
661,555 
617,789 
7
Average number of employees
During the year the average number of employees was 16 (2023: 16).
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