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REGISTERED NUMBER: 06537417 (England and Wales)















Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2023

for

Novus Finance Ltd

Novus Finance Ltd (Registered number: 06537417)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Novus Finance Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M N Horton
L H Walker


REGISTERED OFFICE: Hunsworth Lane
Cleckheaton
West Yorkshire
BD19 3UJ


REGISTERED NUMBER: 06537417 (England and Wales)


SENIOR STATUTORY AUDITOR: Peter Smith FCA


INDEPENDENT AUDITORS: Constantin
Chartered Accountants and
Statutory Auditor
25 Hosier Lane
London
EC1A 9LQ


BANKERS: Societe Generale
S A AU Capital DE
29 BD Haussmann
552 100 222 RCS
Paris
75009

Novus Finance Ltd (Registered number: 06537417)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023. The directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.

REVIEW OF BUSINESS
The company holds investments in other Flexitallic Group Companies. The subsidiaries specialise in the manufacture and supply of static sealing solutions, delivering high quality industrial gaskets on a global scale to multiple end-markets such as the chemical, refining, and nuclear industries. Flexitallic overall is the favoured partner of many large international industrial companies.

During the year, Novus Finance acquired the Canadian company Integra Technologies Limited along with its wholly owned subsidiary Integra Services Technologies Inc, located in the United States.

The results for the period are set out in the Statement of Comprehensive Income and the position of the company at the end of the period is detailed in the Statement of Financial Position.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to be:

Competition and market risk
The company's subsidiaries operate in a highly competitive market which is a continuing risk to the company. The company manages this risk by ensuring that the subsidiaries are focusing on the provision of specialist gasket and sheet material with excellent customer service.

Credit risk
The Company's credit risk is attributable to its intercompany trade receivables. The amounts presented in the balance sheet are net of expected credit losses. An allowance for impairment is made where there is an identified loss event which, based on expected future losses, is evidence of a reduction in the recoverability of the receivable amount. The Company has no significant concentration of credit risk.

Supply chain
Risks are mitigated through continuous negotiation with a wide supplier base.

Brexit
Brexit has had minimal impact on the entity and its subsidiaries.

Ukrainian-Russian conflict
The directors are aware of the Ukrainian-Russian conflict, and this has had no impact on the company.

SECTION 172(1) STATEMENT
The directors are well aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders and other stakeholders; including the following key matters:
- Strategic decisions are made in close conjunction with the Flexitallic group to ensure they fully support the interests of shareholders, employees and clients;
- Ensuring a high degree of integrity in dealings with employees, customers and suppliers. This is closely monitored against internal procedures and is reflected in both the long service of a number of senior staff across all subsidiaries and through long-standing relationships with clients;
- Working closely with its employees through its employee engagement groups to ensure employee views and opinions are considered in developing key strategies and decisions;
- Through its corporate activities and using its employee engagement groups the company and the subsidiaries seeks to maximise its contribution to its local communities and environment; and
- A key objective of the company and its subsidiaries being to assist customers harness technological change to successfully deliver innovation which supports fostering long term relationships, improved products for the global economy and increased opportunity for staff.


Novus Finance Ltd (Registered number: 06537417)

Strategic Report
for the Year Ended 31 December 2023

KEY PERFORMANCE INDICATORS
The Board monitors the progress of the company and Group's performance against prior year for the financial year 2023. The financial KPIs were as follows:

2023 2022
£'000s £'000s
Total assets 92,363 75,538
Net assets 325 5,156

In the directors' view, there are no non-financial KPIs.

APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF:





M N Horton - Director


14 November 2024

Novus Finance Ltd (Registered number: 06537417)

Directors' Report
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Certain information required to be disclosed in the Directors' Report is considered to be of strategic importance to the company and therefore disclosure is given in the Strategic Report. The specific items disclosed in the Strategic Report are:
- Review of business
- Principal risks and uncertainties
- Key performance indicators
- Section 172(1) statement

PRINCIPAL ACTIVITY
The principal activity of the company is that of a holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023 (2022 - £nil).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M N Horton
L H Walker

POLITICAL DONATION
No political donations were made in the current and previous periods.

ENERGY AND CARBON REPORT
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Novus Finance Ltd (Registered number: 06537417)

Directors' Report
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Constantin, will be proposed for re-appointment at the forthcoming Annual General Meeting.

APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF:





M N Horton - Director


14 November 2024

Independent Auditors' Report to the Members of
Novus Finance Ltd

Report on the audit of the financial statements

Opinion
In our opinion the financial statements of Novus Finance Limited (the 'company'):
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:
- the statement of comprehensive income;
- the statement of financial position;
- the statement of changes in equity; and
- the related notes 1 to 16 which include the statement of accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the 'FRC's') Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the

Independent Auditors' Report to the Members of
Novus Finance Ltd

directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation; and
- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
- reading minutes of meetings of those charged with governance.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.


Independent Auditors' Report to the Members of
Novus Finance Ltd

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors' report.

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Smith FCA (Senior Statutory Auditor)
For and on behalf of Constantin
Chartered Accountants and
Statutory Auditor
25 Hosier Lane
London
EC1A 9LQ

14 November 2024

Novus Finance Ltd (Registered number: 06537417)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

REVENUE - -

Administrative expenses 1,933,996 (2,079,076 )
OPERATING PROFIT/(LOSS) 4 1,933,996 (2,079,076 )

Interest receivable and similar income 6 795,029 515,434
2,729,025 (1,563,642 )

Interest payable and similar expenses 7 (7,560,571 ) (3,327,479 )
LOSS BEFORE TAXATION (4,831,546 ) (4,891,121 )

Tax on loss 8 - -
LOSS FOR THE FINANCIAL YEAR (4,831,546 ) (4,891,121 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(4,831,546

)

(4,891,121

)

Novus Finance Ltd (Registered number: 06537417)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 9 82,934,342 65,409,491

CURRENT ASSETS
Debtors 10 9,419,429 10,118,236
Cash at bank 9,255 10,443
9,428,684 10,128,679
CREDITORS
Amounts falling due within one year 11 (87,335,048 ) (65,856,966 )
NET CURRENT LIABILITIES (77,906,364 ) (55,728,287 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,027,978

9,681,204

CREDITORS
Amounts falling due after more than one
year

12

(4,703,259

)

(4,524,939

)
NET ASSETS 324,719 5,156,265

CAPITAL AND RESERVES
Called up share capital 13 2,200,014 2,200,014
Retained earnings (1,875,295 ) 2,956,251
SHAREHOLDERS' FUNDS 324,719 5,156,265

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





M N Horton - Director


Novus Finance Ltd (Registered number: 06537417)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 2,200,014 7,847,372 10,047,386

Changes in equity
Total comprehensive income - (4,891,121 ) (4,891,121 )
Balance at 31 December 2022 2,200,014 2,956,251 5,156,265

Changes in equity
Total comprehensive income - (4,831,546 ) (4,831,546 )
Balance at 31 December 2023 2,200,014 (1,875,295 ) 324,719

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Novus Finance Ltd 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 principal activity of the company is that of a holding company.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Novus Finance Limited is an integral part of the investment and tax planning strategy of the group and is expected to remain so for the foreseeable future. The directors, having considered the current trading prospects, identifiable risks, working capital requirement, the availability of finance and having obtained letters of support from the parent company are of the opinion that the company is a going concern despite having been loss making for the current year. The accounts have been prepared on this basis.

Functional currency
The financial statements are prepared in sterling, which is the functional currency of the entity.

Financial Reporting Standard 102 - exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

· Section 4 'Statement of Financial Position': Reconciliation of the opening and closing number of shares;
· Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
· Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
· Section 26 'Share based Payment': Share-based payment expense charged to profit or loss,
reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; and
· Section 33 'Related Party Disclosures': Compensation for key management personnel.

Preparation of consolidated financial statements
The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 401 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Judgement and key source of estimation
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company’s accounting policies
There are no other critical judgements except for those related to estimation uncertainty which are detailed below.

Key source of estimation uncertainty - impairment of investments
The company has significant investments in subsidiary undertakings (see note 8), which requires assessment against potential impairment of carrying value of such investment arising from changes in circumstances affecting the subsidiary undertakings.

Each year, management ensures that the carrying amount of the investments in subsidiaries does not exceed the recoverable amount. The impairment test methods implemented by management involve significant assumptions, notably concerning future cash-flow forecasts and discount rates applied to estimated cash flows.

When an impairment review is performed, the recoverable amount is based on the value in use method. This value in use method requires the company to apply assumptions in performing its assessment of future cash flows relating to the subsidiary entity. Key assumptions used include the following:

- Subsidiary entity budgets for year 1 and plans for subsequent 4 years
- Long term growth and profitability levels for the subsidiary entity
- Discount rate used to discount the future cash flows to a present value

In establishing estimates for these assumptions, the company uses the detailed plans and budgets of the subsidiary undertakings and its own business experience.

The impairment review undertaken for 31 December 2023 confirms no impairment is required to be recognised in these financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less provision for impairment.

Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or subsequently enacted by the statement of financial position date.

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the statement of financial position date.

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS

The company has no employees other than the directors, who did not receive any remuneration for services to the company (2022 - £nil).

4. OPERATING PROFIT/(LOSS)

The operating profit/(loss) is stated after:

20232022
£   £   
Foreign exchange profit/(loss)1,936,360(2,076,712)

The company is a holding company and does not trade.

AUDITORS' REMUNERATION

The audit fee for the year ended 31 December 2023 and year ended 31 December 2022 was borne by another group company £7,000 (2022 - £5,000).

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items (433 ) -

Exceptional items are legal costs in relation to the investment in its subsidiary company, Integra Technologies Limited.

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Interest receivable from group companies 795,029 515,434

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest payable to group companies 7,560,571 3,327,479

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (4,831,546 ) (4,891,121 )
Loss multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

(1,136,380

)

(929,313

)

Effects of:
Expenses not deductible for tax purposes 42,018 19,209
Group relief - 910,104
Corporate interest restriction 939,505 -
Losses 154,857 -
Total tax charge - -

Factors That May Affect Future Tax Charges
Finance Act 2021, which was substantively enacted on 24 May 2021, has enacted an increase in the UK corporation tax main rate to 25% from 1 April 2023.

As this rate change had been substantively enacted before the balance sheet date, the closing deferred tax assets and liabilities have been calculated at 25%, on the basis that this is the rate at which those assets and liabilities are expected to unwind.

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 65,409,491
Additions 17,524,851
At 31 December 2023 82,934,342
NET BOOK VALUE
At 31 December 2023 82,934,342
At 31 December 2022 65,409,491

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Novus Holdings Limited
Registered office: Scandinavia Mill, Hunsworth Lane, Cleckheaton, BDL 4LN, United Kingdom
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00
Ownership: directly owned

AGS Flexitallic Inc
Registered office: 4340 78 Avenue Edmonton, AB T6B 3J5, Canada
Nature of business: Manufacture of gaskets & sheet sealing materials
%
Class of shares: holding
Ordinary 100.00
Ownership: directly owned

Flexitallic Gasket Technology
Registered office: Building A, No.1868 Guangming Road,Wujiang Economic and Technological Development Zone, 215200, Suzhou, P.R.China
Nature of business: Manufacture of gaskets
%
Class of shares: holding
Ordinary 100.00
Ownership: directly owned

Flexitallic Benelux BVBA
Registered office: Smallandlaan 21, 2660 Antwerp, Belgium
Nature of business: Manufacturing of gaskets
%
Class of shares: holding
Ordinary 90.00
Ownership: directly owned

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. FIXED ASSET INVESTMENTS - continued

Flexitallic Sealing Technology Co. Ltd
Registered office: Amatacity industrial Estate, 7/456 Moo 6, Mabyangporn Sub-District, Pluakdaeng District, Rayong 21140, Thailand
Nature of business: Manufacture of Gaskets
%
Class of shares: holding
Ordinary 99.00
Ownership: directly owned

Flexitallic Italy S.R.L.
Registered office: Via Leonardo Da Vinci 6B, 26020, Ticengo CR, Italy
Nature of business: Manufacture of Gaskets
%
Class of shares: holding
Ordinary 75.00
Ownership: directly owned

Flexitallic India Private Limited
Registered office: Lunkad Sky Vista, 308 Viman Nagar, Near Dorabji Mall, Opp New Airport Road, Pune, Maharashtra, India, 411014
Nature of business: Non trading entity
%
Class of shares: holding
Ordinary 90.00
Ownership: directly owned

Flexitallic UK Limited
Registered office: Scandinavia Mill, Hunsworth Lane, Cleckheaton, BDL 4LN, United Kingdom
Nature of business: Manufacture of gaskets
%
Class of shares: holding
Ordinary 100.00
Ownership: directly owned

Integra Technologies Limited
Registered office: 1-1355 Confederation Street, Sarnia, Ontario, N7S 4T2, Canada
Nature of business: Controlled bolting, field machining, leak detection
%
Class of shares: holding
Ordinary 70.00
Ownership: directly owned

Integra Services Technologies Inc
Registered office: 1-1355 Confederation Street, Sarnia, Ontario, N7S 4T2, Canada
Nature of business: Controlled bolting, field machining, leak detection
%
Class of shares: holding
Ordinary 70.00
Ownership: indirectly owned

The directors believe that the carrying value of the investments is supported by their underlying net assets.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 9,419,429 10,118,236

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

£8,982,696 (2022 - £9,673,329) of amounts owed by group undertakings are interest bearing, unsecured and repayable on demand. Included in above are financial assets held at amortised cost amounting to £9,419,429 (2022 - £10,118,236).

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 87,335,048 65,856,966

£87,186,806 (2022 - £65,699,861) of amounts owed to group undertakings are interest bearing, unsecured and repayable on demand. Included in above are financial liabilities held at amortised cost amounting to £87,335,048 (2022 - 65,856,966).

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 4,703,259 4,524,939

Amounts owed to group undertakings are interest bearing at SONIA (Sterling Overnight Index Average) which replaced GBP LIBOR. They are unsecured and repayable on demand. Included in above are financial liabilities held at amortised cost amounting to £4,703,259 (2022 - £4,524,939).

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,300,000 Ordinary A shares £1 1,300,000 1,300,000
900,000 Ordinary B shares £1 900,000 900,000
14 Ordinary C shares £1 14 14
2,200,014 2,200,014

Novus Finance Ltd (Registered number: 06537417)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. RELATED PARTY DISCLOSURES

At the reporting date the following amounts were outstanding with related parties that are not 100% owned by the group:

Amounts owed to group undertakings:
20232022
££
Which the entity has control, joint control or significant influence--

Amounts owed from group undertakings:

20232022
££
Which the entity has control, joint control or significant influence218,449120,632

During the year the company entered into the following transactions with related parties that are not 100% owned by the group:

Interest:

20232022
££
Which the entity has control, joint control or significant influence14,0007,670

15. POST BALANCE SHEET EVENTS

Since the year end, the company has increased its investment in Flexitallic Italy S.R.L. to 100% ownership and has acquired investments in Flexitallic Gasket Company in Abu-Dhabi and Flexitallic SPC in Oman.

16. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking and controlling party is Financiere de Siam SAS, a company incorporated in France.

The ultimate controlling party is Bridgepoint.

Flexitallic S.à.r.l. is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2023. The consolidated financial statements of Flexitallic S.à.r.l. are available from 6B, rue du Fort Niedergrünewald, L-2226 Luxembourg, Grand Duchy of Luxembourg R.C.S.Luxembourg B 267.508.