REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
NOVEL ENERGY LIGHTING LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
NOVEL ENERGY LIGHTING LTD |
NOVEL ENERGY LIGHTING LTD (REGISTERED NUMBER: 07706666) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
NOVEL ENERGY LIGHTING LTD |
Company Information |
for the year ended 31 July 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
NOVEL ENERGY LIGHTING LTD (REGISTERED NUMBER: 07706666) |
Statement of Financial Position |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
NOVEL ENERGY LIGHTING LTD (REGISTERED NUMBER: 07706666) |
Statement of Financial Position - continued |
31 July 2024 |
The financial statements were approved by the director and authorised for issue on |
NOVEL ENERGY LIGHTING LTD (REGISTERED NUMBER: 07706666) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Novel Energy Lighting Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue represents the total amount receivable, net of value added tax , for goods and services provided in the ordinary course of business. |
Intangible assets |
Other intangible assets are amounts held in crytpocurrencies which are revalued every year. |
Tangible fixed assets |
Computer Equipment - 5 years |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
NOVEL ENERGY LIGHTING LTD (REGISTERED NUMBER: 07706666) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. |
Financial instruments |
a) Basic financial assets |
Trade debtors and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade creditors, and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NOVEL ENERGY LIGHTING LTD (REGISTERED NUMBER: 07706666) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Cost or valuation at 31 July 2024 is represented by: |
Other |
intangible |
assets |
£ |
Valuation in 2024 | 139,862 |
Cost | 171,530 |
311,392 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
6. | INVENTORIES |
2024 | 2023 |
£ | £ |
Stocks |
NOVEL ENERGY LIGHTING LTD (REGISTERED NUMBER: 07706666) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Within other loans is an amount of £41,474 which is secured against cryptocurrency assets amounting to £311,392. There is no fixed date for repayment and the loan is repayable on demand. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 60 | 60 |
10. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 89,352 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 July 2024 | 231,266 |
Included in the £231,226 in retained earnings is a fair value reserve of £139,862 which relates to the revaluation of intangible assets. |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £58,200 (2023:£63,000) were paid to the director. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |