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Registration number: 06441633

Novus Property Development Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Novus Property Development Limited

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Novus Property Development Limited

Company Information

Directors

Mr B J Smith

Mrs H Smith

Company secretary

Mrs H Smith

Registered office

222 Wolverton Road
Blakelands
Milton Keynes
Buckinghamshire
MK14 5AB

Accountants

Veracitas Financial Consultants Ltd
Chartered
8 Park View
Tickford Street
Newport Pagnell
Buckinghamshire
MK16 9AD

 

Novus Property Development Limited

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Loss for the year

(89,275)

(124,211)

Total comprehensive income for the year

(89,275)

(124,211)

 

Novus Property Development Limited

(Registration number: 06441633)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

27,014

137,714

Current assets

 

Stocks

5

2,699,141

2,253,270

Debtors

6

182,537

189,858

Cash at bank and in hand

 

107

11,078

 

2,881,785

2,454,206

Creditors: Amounts falling due within one year

7

(91,855)

(121,849)

Net current assets

 

2,789,930

2,332,357

Total assets less current liabilities

 

2,816,944

2,470,071

Creditors: Amounts falling due after more than one year

7

(3,099,827)

(2,663,679)

Net liabilities

 

(282,883)

(193,608)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(282,983)

(193,708)

Shareholders' deficit

 

(282,883)

(193,608)

For the financial year ending 30 November 2023 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.

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 10 October 2024 and signed on its behalf by:
 

 

Novus Property Development Limited

(Registration number: 06441633)
Balance Sheet as at 30 November 2023

.........................................
Mr B J Smith
Director

.........................................
Mrs H Smith
Company secretary and director

 

Novus Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
222 Wolverton Road
Blakelands
Milton Keynes
Buckinghamshire
MK14 5AB

These financial statements were authorised for issue by the Board on 10 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.

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

Plant and Machinery

25% Reducing Balance

Fixture and Fittings

25% Reducing Balance

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.

 

Novus Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 (2022 - 2).

 

Novus Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

137,176

3,140

282

140,598

Additions

-

-

35,481

35,481

Disposals

(137,176)

-

-

(137,176)

At 30 November 2023

-

3,140

35,763

38,903

Depreciation

At 1 December 2022

-

2,668

216

2,884

Charge for the year

-

118

8,887

9,005

At 30 November 2023

-

2,786

9,103

11,889

Carrying amount

At 30 November 2023

-

354

26,660

27,014

At 30 November 2022

137,176

472

66

137,714

Included within the net book value of land and buildings above is £Nil (2022 - £137,176) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

2,699,141

2,253,270

6

Debtors

Current

2023
£

2022
£

Other debtors

182,537

189,858

 

182,537

189,858

 

Novus Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

17,140

22,905

Trade creditors

 

52,686

78,792

Taxation and social security

 

19,479

17,602

Accruals and deferred income

 

2,550

2,550

 

91,855

121,849

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

3,099,827

2,663,679

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

2,703,477

2,113,356

Other borrowings

396,350

550,323

3,099,827

2,663,679

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

17,140

22,905