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Company registration number: 03365223
NovumIP Limited
Audited financial statements
31 December 2023
NovumIP Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
NovumIP Limited
Directors and other information
Directors Mrs Josephine Jakeman (Appointed on 01 November 2023)
Mr Michel Jeroen Elsenga (Resigned on 01 November 2023)
Mr Christophe Jean-Pierre Georges Marchisio (Appointed on 01 November 2023)
Company number 03365223
Registered office 27/28 Eastcastle Street
London
United Kingdom
W1W 8DH
Accountants Doshi & Co. Accountants
6th Floor, AMP House
Dingwall Road
Croydon
CR0 2LX
NovumIP Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of NovumIP Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the abridged statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi & Co. Accountants
6th Floor, AMP House
Dingwall Road
Croydon
CR0 2LX
27 December 2024
NovumIP Limited
Abridged statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1,525,543 1,887,880
Tangible assets 6 924,349 11,680,595
Investments 7 10,553,912 1
_______ _______
13,003,804 13,568,476
Current assets
Debtors 505,439 240,271
Cash at bank and in hand 77,927 414,952
_______ _______
583,366 655,223
Creditors: amounts falling due
within one year ( 14,636,434) ( 13,949,929)
_______ _______
Net current liabilities ( 14,053,068) ( 13,294,706)
_______ _______
Total assets less current liabilities ( 1,049,264) 273,770
Provisions for liabilities - ( 114,778)
_______ _______
Net (liabilities)/assets ( 1,049,264) 158,992
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 1,049,265) 158,991
_______ _______
Shareholder (deficit)/funds ( 1,049,264) 158,992
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
Mrs Josephine Jakeman
Director
Company registration number: 03365223
NovumIP Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27/28 Eastcastle Street, London, United Kingdom, W1W 8DH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
For the year ended 31 December 2023, the Company made a loss of £1,208,256 (2022: loss of £1,104,812) and had net current liabilities of £14,053,068 (2022: £13,294,706). The company is dependent for its working capital on funds provided to it by its ultimate parent Questel SAS. The company's ultimate parent company Questel SAS has committed that it will provide financial and other support to the company for at least 12 months from the date of these financial statements. On this basis, and on the assessment of the company's financial position, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 25 years straight line
Plant and machinery - 4 years straight line
Fittings fixtures and equipment - 10 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in ettlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised infinance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 162,134 139,709
Social security costs 29,188 17,754
Other pension costs 18,717 9,798
_______ _______
210,039 167,261
_______ _______
5. Intangible assets
£
Cost
At 1 January 2023 and 31 December 2023 3,105,935
_______
Amortisation
At 1 January 2023 1,218,055
Charge for the year 362,337
_______
At 31 December 2023 1,580,392
_______
Carrying amount
At 31 December 2023 1,525,543
_______
At 31 December 2022 1,887,880
_______
6. Tangible assets
£
Cost
At 1 January 2023 12,965,479
Additions 416,841
Transfers ( 10,650,930)
_______
At 31 December 2023 2,731,390
_______
Depreciation
At 1 January 2023 1,284,884
Charge for the year 522,157
Transfers -
_______
At 31 December 2023 1,807,041
_______
Carrying amount
At 31 December 2023 924,349
_______
At 31 December 2022 11,680,595
_______
7. Investments
£
Cost
At 1 January 2023 1
Transfers 10,650,930
Other movements ( 97,019)
_______
At 31 December 2023 10,553,912
_______
Impairment
At 1 January 2023 and 31 December 2023 -
_______
Carrying amount
At 31 December 2023 10,553,912
_______
At 31 December 2022 1
_______
8. Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows.
Name of Undertaking Registered office Nature of business Class of shares held % Held
Direct
Novum Global Strategies Limited England & Wales Trademark and patent agents Ordinary 100%
Work Anyware Limited England & Wales Trademark and patent agents Ordinary 51%
The aggregate capital and reserves and the result for the year of the subsidiaries refered above was as follows
Name of Undertaking Capital & Reserve Profit/Loss
Novum Global Strategies Limited (63,121) (250)
Work Anyware Limited 476,391 22,175
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
169,274 (114,778)
_______ _______
10. Related party transaction
The company has taken advantage of FRS 102, Section 33.1 A for the disclosure of tranasctions entererd into between two or more members of a group, provided that any subsidiary which is party to the transation is wholly owned by such a member.
Amount owned to and from group companies are therefore shown in aggreagate.
Included in creditors due within one year is amount of £13,786,392 ( 2022: £13,384,749) owed to group undertaking.
11. Controlling party
The immediate parent company is Novagraaf IP UK Limited by virtue of their 100% shareholding in the company.
The ultimate controlling party is Questel S.A.S