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Registration number: 09990113

Novum Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Novum Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Novum Property Ltd

Company Information

Directors

Ms Nicola Wetherill

Leslie Matthew Elms

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Novum Property Ltd

(Registration number: 09990113)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,995,000

3,339,000

Current assets

 

Debtors

5

8,146

15,169

Cash at bank and in hand

 

4,274

5,869

 

12,420

21,038

Creditors: Amounts falling due within one year

6

(21,422)

(18,275)

Net current (liabilities)/assets

 

(9,002)

2,763

Total assets less current liabilities

 

2,985,998

3,341,763

Creditors: Amounts falling due after more than one year

6

(2,797,504)

(3,064,366)

Provisions for liabilities

(78,260)

(105,764)

Net assets

 

110,234

171,633

Capital and reserves

 

Called up share capital

2,000

2,000

Revaluation reserve

333,634

450,887

Retained earnings

(225,400)

(281,254)

Shareholders' funds

 

110,234

171,633

For the financial year ending 29 February 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.

 

Novum Property Ltd

(Registration number: 09990113)
Balance Sheet as at 29 February 2024 (continued)

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 24 October 2024 and signed on its behalf by:
 

.........................................
Ms Nicola Wetherill
Director

 

Novum Property Ltd

Notes to the Financial Statements for the Year Ended 29 February 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:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the Board on 24 October 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.

Going concern

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

 

Novum Property Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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

Office equipment

25% Straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Novum Property Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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 (2023 - 2).

4

Investment properties

2024
£

At 1 March

3,339,000

Additions

19,978

Disposals

(219,222)

Fair value adjustments

(144,756)

At 29 February

2,995,000


The fair value of the investment properties have been arrived at on the basis of the valuations carried out at that date by the directors of the company who are not professionally qualified valuers. The valuations have been arrived at by reference to the market evidence of transaction prices for similar properties in the location where the properties are situated.

5

Debtors

 

Novum Property Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

5

Debtors (continued)

2024
£

2023
£

Trade debtors

5,478

12,064

Prepayments

2,668

3,105

8,146

15,169

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,000

5,000

Trade creditors

 

4,201

2,776

Accruals and deferred income

 

2,221

1,199

Other creditors

 

10,000

9,300

 

21,422

18,275

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,770,904

3,029,978

Other non-current financial liabilities

 

26,600

34,388

 

2,797,504

3,064,366

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Novum Property Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

7

Reserves (continued)

Revaluation reserve
£

Total
£

Unrealised gain/loss on revaluation of investment property

(117,253)

(117,253)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Unrealised gain/loss on revaluation of investment property

(389,610)

(389,610)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,334,478

2,502,046

Other borrowings

436,426

527,932

2,770,904

3,029,978

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

5,000