NOVA WEALTH HOLDINGS LTD

Company Registration Number:
10738861 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2024

Period of accounts

Start date: 01 May 2023

End date: 30 April 2024

NOVA WEALTH HOLDINGS LTD

Contents of the Financial Statements

for the Period Ended 30 April 2024

Balance sheet
Notes

NOVA WEALTH HOLDINGS LTD

Balance sheet

As at 30 April 2024


Notes

2024

2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments: 3 9,577,480 9,077,480
Total fixed assets: 9,577,480 9,077,480
Current assets
Stocks: 0 0
Debtors:   225,379 96,876
Cash at bank and in hand: 2 2
Investments:   0 0
Total current assets: 225,381 96,878
Creditors: amounts falling due within one year: 4 (2,499,413) (12,038,145)
Net current assets (liabilities): (2,274,032) (11,941,267)
Total assets less current liabilities: 7,303,448 (2,863,787)
Creditors: amounts falling due after more than one year:   (6,886,349) 0
Provision for liabilities: 0 0
Total net assets (liabilities): 417,099 (2,863,787)
Capital and reserves
Called up share capital: 13 12
Profit and loss account: 417,086 (2,863,799)
Shareholders funds: 417,099 (2,863,787)

The notes form part of these financial statements

NOVA WEALTH HOLDINGS LTD

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 12 August 2024
and signed on behalf of the board by:

Name: Joseph McLean
Status: Director

The notes form part of these financial statements

NOVA WEALTH HOLDINGS LTD

Notes to the Financial Statements

for the Period Ended 30 April 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

NOVA WEALTH HOLDINGS LTD

Notes to the Financial Statements

for the Period Ended 30 April 2024

2. Employees

2024 2023
Average number of employees during the period 5 5

NOVA WEALTH HOLDINGS LTD

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Fixed investments

The Directors performed an impairment assessment as detailed in the critical judgements in note 1, and it was determined that no impairment was necessary on the investment in Nova Wealth Ltd during the current year. 500,000 Ordinary shares in Nova Wealth Ltd (with a nominal value of £0.01 each) were also acquired during the year for £500,000 on 11 August 2023 at £1 each.

NOVA WEALTH HOLDINGS LTD

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Creditors: amounts falling due within one year note

Nova Wealth Holdings Limited has a shareholder loan with Octopus Capital Limited. Between 1 May 2021 and 30 April 2023, interest at an annual rate of 12% was charged on this loan. In the year ended 30 April 2024, the shareholder loan balance formed part of a commercial transaction between Nova Wealth Holdings Limited and Octopus Capital Limited’s ultimate parent, Octopus Group Holdings Limited. Following this, the balance has been classified to an amount falling due after 1 year, given there are no repayments due until 1 May 2027. The amounts due to group undertakings largely relate to an intercompany creditor with Nova Wealth Limited, a wholly owned subsidiary, whereby part of the assets of Nova Wealth Limited were provided as consideration for the aforementioned transaction in reducing the shareholder loan balance between the Company and Octopus Capital Limited.

NOVA WEALTH HOLDINGS LTD

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Related party transactions

In line with paragraph 33.1A of FRS 102, the company did not disclose transactions with wholly owned Group companies wherein any subsidiary undertaking which is a party to the transactions is a wholly owned by a member of the Group. Nova Wealth Holdings Limited has a shareholder loan with Octopus Capital Limited. In the year ended 30 April 2024, the shareholder loan balance formed part of a commercial transaction between Nova Wealth Holdings Limited and Octopus Capital Limited’s ultimate parent, Octopus Group Holdings Limited. Part of the assets of Nova Wealth Ltd were provided as consideration for the aforementioned transaction in reducing the shareholder loan balance between the Company and Octopus Capital Limited. See notes 6 & 7 for further details on the shareholder loan balance.