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Registration number: 07632871

Novello (North London) Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Novello (North London) Holdings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Novello (North London) Holdings Ltd

Company Information

Directors

Mr M Georgiou

Mrs M Georgiou

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Novello (North London) Holdings Ltd

(Registration number: 07632871)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

80

80

Current assets

 

Debtors

5

69,372

89

Cash at bank and in hand

 

15

57

 

69,387

146

Creditors: Amounts falling due within one year

6

(906)

(1,165)

Net current assets/(liabilities)

 

68,481

(1,019)

Net assets/(liabilities)

 

68,561

(939)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

68,560

(940)

Shareholders' funds/(deficit)

 

68,561

(939)

For the financial year ending 31 May 2024 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 and 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 5 February 2025 and signed on its behalf by:
 

.........................................
Mr M Georgiou
Director

 

Novello (North London) Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 5 February 2025.

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.

Summary of disclosure exemptions


The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group..

Depreciation

Asset class

Depreciation method and rate

Fixtures and fittings

10% Reducing balance method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Novello (North London) Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

 

Novello (North London) Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Investments in associates

79

79

80

80

Subsidiaries

£

Cost or valuation

At 1 June 2023

1

Provision

Carrying amount

At 31 May 2024

1

At 31 May 2023

1

Associates

£

Cost

At 1 June 2023

79

Provision

Carrying amount

At 31 May 2024

79

At 31 May 2023

79

 

Novello (North London) Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Novello (Palmers Green) Ltd

590 Green Lanes, London,
N13 5RY

Ordinary

100%

100%

Subsidiary undertakings

Novello (Palmers Green) Ltd

The principal activity of Novello (Palmers Green) Ltd is Land registry searches. The profit for the financial period of Novello (Palmers Green) Ltd was £96,129 and the aggregate amount of Capital and reserves at the end of the period was £88,059.

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

89

89

Other debtors

 

69,283

-

   

69,372

89

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6

6

Accruals and deferred income

900

900

Directors loan account

-

259

906

1,165

 

Novello (North London) Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £144,566.00) per ordinary share

-

144,566

 

 

9

Related party transactions

Summary of transactions with subsidiaries


Novello (Palmers Green) Limited
(100% owned subsidiary)
At the balance date the amount due from Novello (Palmers Green) Limited was £89 (2023: £89).

Summary of transactions with other related parties


Directors loan account
At the balance date the amount due from Mr & Mrs Georgiou was £69,283. This was repaid in full on the 30th July 2024.