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COMPANY REGISTRATION NUMBER: 4888782
Novo Executive Search and Selection Limited
Filleted Unaudited Financial Statements
30 September 2024
Novo Executive Search and Selection Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
55,825
4,104
Current assets
Debtors
6
338,561
324,245
Investments
7
236,354
209,946
Cash at bank and in hand
352,729
343,553
---------
---------
927,644
877,744
Creditors: amounts falling due within one year
8
338,521
306,329
---------
---------
Net current assets
589,123
571,415
---------
---------
Total assets less current liabilities
644,948
575,519
---------
---------
Net assets
644,948
575,519
---------
---------
Capital and reserves
Called up share capital
9
83
83
Share premium account
8,868
8,868
Capital redemption reserve
17
17
Profit and loss account
635,980
566,551
---------
---------
Shareholders funds
644,948
575,519
---------
---------
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 statement of comprehensive income has not been delivered.
For the year ending 30 September 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 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 .
Novo Executive Search and Selection Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
Mr J G Hollier
Director
Company registration number: 4888782
Novo Executive Search and Selection Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 77 Macrae Road, Pill, Bristol, BS20 0DD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In the case of executive recruitment, turnover is recognised in three instalments. The initial instalment is recognised based on a retainer which is non-refundable. Once the search for a candidate has been carried out the second instalment is recognised. The final instalment is recognised when a placement has been offered by the company and the candidate has accepted. The policy is regarded in the recruitment sector as best practice.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Leasehold improvements
-
10% straight line
Plant and machinery
-
33% straight line
Fixtures, fittings and equipment
-
33% straight line
Impairment of fixed assets
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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 (see hedge accounting policy).
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 20 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2023
21,662
68,064
61,247
150,973
Additions
58,963
2,431
61,394
Disposals
( 21,662)
( 21,662)
--------
--------
--------
---------
At 30 September 2024
58,963
70,495
61,247
190,705
--------
--------
--------
---------
Depreciation
At 1 October 2023
21,662
65,355
59,852
146,869
Charge for the year
5,896
2,662
1,115
9,673
Disposals
( 21,662)
( 21,662)
--------
--------
--------
---------
At 30 September 2024
5,896
68,017
60,967
134,880
--------
--------
--------
---------
Carrying amount
At 30 September 2024
53,067
2,478
280
55,825
--------
--------
--------
---------
At 30 September 2023
2,709
1,395
4,104
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
321,793
302,267
Other debtors
16,768
21,978
---------
---------
338,561
324,245
---------
---------
7. Investments
2024
2023
£
£
Other investments
236,354
209,946
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,663
27,380
Corporation tax
116,866
76,943
Social security and other taxes
105,499
111,020
Other creditors
82,493
90,986
---------
---------
338,521
306,329
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 0.01 each
8,008
80.08
8,008
80.08
B Ordinary shares of £ 0.01 each
320
3.20
320
3.20
-------
-------
-------
-------
8,328
83.28
8,328
83.28
-------
-------
-------
-------
10. Other financial commitments
The company had total commitments at the balance sheet date of £20,242 (2023: £54,942).