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REGISTERED NUMBER: SC291044 (Scotland)



















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

NOVA CONTRACTS LIMITED

NOVA CONTRACTS LIMITED (REGISTERED NUMBER: SC291044)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

NOVA CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: I Buckingham





REGISTERED OFFICE: 37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ





REGISTERED NUMBER: SC291044 (Scotland)





ACCOUNTANTS: Gilmour Hamilton
Chartered Accountants
37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ

NOVA CONTRACTS LIMITED (REGISTERED NUMBER: SC291044)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,477 7,356
Investments 5 63,341 49,235
66,818 56,591

CURRENT ASSETS
Stocks 1,495 2,840
Debtors 6 22,252 11,155
Cash at bank 9,066 27,567
32,813 41,562
CREDITORS
Amounts falling due within one year 7 23,449 24,490
NET CURRENT ASSETS 9,364 17,072
TOTAL ASSETS LESS CURRENT
LIABILITIES

76,182

73,663

PROVISIONS FOR LIABILITIES 869 -
NET ASSETS 75,313 73,663

CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair value reserve 9 15,377 1,271
Retained earnings 9 59,836 72,292
SHAREHOLDERS' FUNDS 75,313 73,663

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

NOVA CONTRACTS LIMITED (REGISTERED NUMBER: SC291044)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 February 2025 and were signed by:





I Buckingham - Director


NOVA CONTRACTS LIMITED (REGISTERED NUMBER: SC291044)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Nova Contracts Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest Pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 as modified by the revaluation of certain assets.

Turnover
Turnover, which is stated net of value added tax, represents amounts invoiced to third parties, except in respect of contracts in progress where turnover represents the sales value of work done during the year, including estimates of amounts not invoiced.

Intangible assets
Intangible assets comprise holdings in crypto currencies which are initially recognised at cost and are then adjusted to market value at each period end. Revaluations and impairments are recognised via the income statement. Where there is a cumulative increase in value over cost, that increase is transferred from retained earnings to a fair value reserve to distinguish the revaluations from realised earnings.

In the year of disposal, the gain or loss is calculated by comparing the net proceeds of disposal with the carrying value of the holding.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33.33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Profit on contracts in progress is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of the total contract value which costs to date bear to total expected costs for that contract. Full provision is made for foreseeable losses. Where the value of work done exceeds payments received on account, the balance due is included within debtors as amounts recoverable on contracts.

Where the final outcome of the contract cannot be assessed with reasonable certainty, the contract is recorded as work-in-progress and is valued at cost less any payments to account and foreseeable losses.


NOVA CONTRACTS LIMITED (REGISTERED NUMBER: SC291044)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Fixed asset investments
Fixed asset investments are initially recognised at cost. The value is then adjusted to market value at each year end. Revaluations are recognised via the income statement. Where there is a cumulative increase in value over cost, that increase is transferred from retained earnings to a fair value reserve to distinguish the revaluation from realised earnings.

In the year of disposal, the gain or loss is calculated by comparing the net proceeds of disposal with the carrying value of the holding.

3. EMPLOYEES AND DIRECTORS

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

NOVA CONTRACTS LIMITED (REGISTERED NUMBER: SC291044)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 59,194
Additions 284
Disposals (1,484 )
At 30 September 2024 57,994
DEPRECIATION
At 1 October 2023 51,838
Charge for year 4,163
Eliminated on disposal (1,484 )
At 30 September 2024 54,517
NET BOOK VALUE
At 30 September 2024 3,477
At 30 September 2023 7,356

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 October 2023 49,235
Revaluations 14,106
At 30 September 2024 63,341
NET BOOK VALUE
At 30 September 2024 63,341
At 30 September 2023 49,235

Cost or valuation at 30 September 2024 is represented by:

Other
investments
£   
Valuation in 2023 1,271
Valuation in 2024 14,106
Cost 47,964
63,341

NOVA CONTRACTS LIMITED (REGISTERED NUMBER: SC291044)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,500 756
Amounts recoverable on contracts 15,360 8,075
Other debtors 2,392 2,324
22,252 11,155

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,051 8,520
Taxation and social security 3,787 3,397
Other creditors 12,611 12,573
23,449 24,490

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 October 2023 72,292 1,271 73,563
Profit for the year 24,650 24,650
Dividends (23,000 ) (23,000 )
Transfer of investment
revaluation

(14,106

)

14,106

-

At 30 September 2024 59,836 15,377 75,213

10. RELATED PARTY DISCLOSURES

Included in Creditors; amounts falling due within one year is a loan from the director of £10,954 (2023 £10,538).The loan is unsecured, interest free and repayable on demand,

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NOVA CONTRACTS LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nova Contracts Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Nova Contracts Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nova Contracts Limited and state those matters that we have agreed to state to the director of Nova Contracts Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Nova Contracts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nova Contracts Limited. You consider that Nova Contracts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nova Contracts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Gilmour Hamilton
Chartered Accountants
37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ


21 February 2025