Company Registration No. 13936076 (England and Wales)
Novellos Washington Ltd
Unaudited accounts
for the year ended 29 February 2024
Novellos Washington Ltd
Unaudited accounts
Contents
Novellos Washington Ltd
Company Information
for the year ended 29 February 2024
Directors
Dorian Koti
Dean Neil Lathbury
Company Number
13936076 (England and Wales)
Registered Office
Hope Street Xchange
1-3 Hind Street
Sunderland
Tyne and Wear
SR1 3QD
England
Novellos Washington Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
105,280
97,380
Cash at bank and in hand
61,634
82,743
Creditors: amounts falling due within one year
(182,803)
(161,768)
Net current liabilities
(79,337)
(43,136)
Total assets less current liabilities
25,943
54,244
Provisions for liabilities
Deferred tax
(25,783)
(18,502)
Called up share capital
99
99
Profit and loss account
61
35,643
Shareholders' funds
160
35,742
For the 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. 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 27 November 2024 and were signed on its behalf by
Dean Neil Lathbury
Director
Company Registration No. 13936076
Novellos Washington Ltd
Notes to the Accounts
for the year ended 29 February 2024
Novellos Washington Ltd is a private company, limited by shares, registered in England and Wales, registration number 13936076. The registered office is Hope Street Xchange, 1-3 Hind Street, Sunderland, Tyne and Wear, SR1 3QD, 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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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
15% Reducing Balance
Computer equipment
33.33% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
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.
Novellos Washington Ltd
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2023
109,992
2,755
112,747
At 29 February 2024
133,708
2,755
136,463
At 1 March 2023
14,590
777
15,367
Charge for the year
14,898
918
15,816
At 29 February 2024
29,488
1,695
31,183
At 29 February 2024
104,220
1,060
105,280
At 28 February 2023
95,402
1,978
97,380
Amounts falling due within one year
Amounts due from group undertakings etc.
5,935
23,600
Accrued income and prepayments
8,182
3,029
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
54,141
76,435
Amounts owed to group undertakings and other participating interests
46,371
-
Taxes and social security
34,170
3,765
Other creditors
13,170
19,544
7
Average number of employees
During the year the average number of employees was 27 (2023: 25).