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REGISTERED NUMBER: 08934178 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NOVATION SOLUTIONS LIMITED

NOVATION SOLUTIONS LIMITED (REGISTERED NUMBER: 08934178)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


NOVATION SOLUTIONS LIMITED (REGISTERED NUMBER: 08934178)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 795 1,342

CURRENT ASSETS
Debtors 5 28,341 63,064
Cash at bank 37,513 117,252
65,854 180,316
CREDITORS
Amounts falling due within one year 6 1,326 31,255
NET CURRENT ASSETS 64,528 149,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,323

150,403

CAPITAL AND RESERVES
Called up share capital 130 130
Retained earnings 65,193 150,273
SHAREHOLDERS' FUNDS 65,323 150,403

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2024 and were signed on its behalf by:





S E Mathias - Director


NOVATION SOLUTIONS LIMITED (REGISTERED NUMBER: 08934178)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Novation Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08934178

Registered office: Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts invoiced for the sale of services, excluding VAT. Turnover is recognised once the work has been completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% straight line

Tangible fixed assets are initially measured at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES

The average number of employees during the year was 2 (2023 - 3 ) .

NOVATION SOLUTIONS LIMITED (REGISTERED NUMBER: 08934178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 410 1,717 2,127
DEPRECIATION
At 1 April 2023 154 631 785
Charge for year 64 483 547
At 31 March 2024 218 1,114 1,332
NET BOOK VALUE
At 31 March 2024 192 603 795
At 31 March 2023 256 1,086 1,342

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 25,649 63,034
Tax 2,282 -
VAT 380 -
Called up share capital not paid 30 30
28,341 63,064

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,310 973
Tax - 27,652
VAT - 2,630
Directors' current accounts 16 -
1,326 31,255

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
D G Mathias and S E Mathias
Balance outstanding at start of year 63,034 51,181
Amounts advanced 29,548 13,853
Amounts repaid (67,910 ) (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,672 63,034

These loans are provides interest free and are repayable on demand.